Section 28 of IBC : Section 28: Approval Of Committee Of Creditors For Certain Actions
IBC
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Explanation using Example
Imagine a company, TechWidgets Ltd., is undergoing a corporate insolvency resolution process. The resolution professional managing the affairs of TechWidgets Ltd. identifies an urgent need for additional funds to keep the company operational and to pay for critical supplies. The resolution professional decides to raise interim finance.
According to Section 28 of The Insolvency and Bankruptcy Code, 2016, the resolution professional cannot simply go ahead and secure the loan. They must first call a meeting of the committee of credito...
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